Anoi Inc. is contemplating buying the common stock of a new start-up firm it believes will complement its current activities. Anoi Inc. uses the dividend model to price the current outstanding shares of this new start-up. If the new start-up would pay no dividends for the first nine years so as to plow back all earnings into the firm and then pay an $8 dividend in the 10th year, increasing the dividend by 6% each year thereafter, what price should Anoi Inc. pay today?